Ripple Sells 150 Million XRP, Markets Under Pressure
Ripple sold 150 million XRP from its reserves this month, a transaction worth about $78 million, or 0.25% of XRP's market capitalization of $29.25 billion ($0.52 per token), leading to pressure on the price of XRP.On June 1, Ripple released 1 billion XRP from its initial allocation of tokens that will be held in escrow on a month-to-month basis until 2027. The company transferred 200 million XRP to its treasury account and locked the remaining 800 million in a new escrow contract. At the same time, the "Ripple (35)" account transferred an additional 200 million XRP to the Sale Reserve Account, for a total of 400 million XRP placed in the Sale Reserve. These sales are usually sent from the "Ripple (1)" treasury account to the unlabeled account "rP4X2hTa", triggering supply pressure in the market. These new tokens entering circulation usually end up on cryptocurrency exchanges through intermediary addresses such as "rhWt2bhR".
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